Are You Really Approved? The Difference Between Mortgage Pre-Approval and Approval.

Are You Really Approved? The Difference Between Mortgage Pre-Approval and Approval.

Getting pre-approved for a mortgage is a great first step in your home shopping process. It will give you an idea of how much you qualify to borrow, which in turn gives you a budget to work with when you are looking. This is a number to work with before you decide on a certain property. It is important to note that there is a difference between pre-approval and final approval for your mortgage.

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Thinking of buying a home? : First step - determine your budget.

Thinking of buying a home? : First step - determine your budget.

Buying a new home can be a very exciting prospect, however, there are also a lot of practical realities that go along with buying and owning a home. The first thing you should do before looking at any homes is determine your budget.

This means sitting down with a mortgage professional before you start your search in order to determine what you can afford. It can be a heartbreaking experience looking at homes outside of your budget, not to mention it wastes your, and your realtor's time and resources that could be better spent looking for the right house for you.

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What is Title Insurance, and why do you care?

What is Title Insurance, and why do you care?

What is Title Insurance?

First things first: the word "title" refers to your legal right to own, use, mortgage and sell real property. Title Insurance is there to protect your legal interest, and often that of your lender, in your property.

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What happens when your real estate deal falls through?

What happens when your real estate deal falls through?

Failing to close on a purchase or sale obviously isn’t anyone’s Plan A, but it does happen. What does Plan B look like?

Some of the reasons that a deal might fall through on closing day include, financing issues, a buyer purchasing a home on the condition that their previous home sold, major issue arises on inspection or pre-close walk through that cannot be resolved.

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Inspection and the Final Walk-through: Bring it up on or before closing day or forever hold your peace.

Inspection and the Final Walk-through: Bring it up on or before closing day or forever hold your peace.

One major piece of the picture when buying your home is inspecting the property to decide A) what issues there are and B) how they will be addressed OR if you are willing to live with them.

Professional Inspection

One of the first steps after you have signed an agreement of purchase and sale is a home inspection. It is always a good idea to use a professional home inspector come in and do an inspection of the home you are considering buying. Their job is to flag any issues that may change your mind about purchasing the property, or the price you are willing to pay for it.  The inspection is the opportunity to raise issues that will need to be addressed. As a result there may be further negotiations with the seller to either take care of the issue prior to closing, or sell at a lower price so you will have the money to fix it. You should look for an inspector that has both liability AND errors and omissions insurance. This protects you not only from any damage they might cause while on the property to do the inspection, but also provides you with possible recourse if they miss something important on the inspection.

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Everything You Should Know About 'Closing Costs'

Everything You Should Know About 'Closing Costs'

We've all heard the term "closing costs", have you been provided with an explanation of what that really means. I've outlined below things that constitute closing costs for both a sale, and a purchase. It is important to understand closing costs for a purchase do not come out of your mortgage funds. You will have to come up with this amount before the transaction closes. For a sale the closing costs would come off of the top of the sale price.

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Thinking about buying a vacation home? What you should know first:

Thinking about buying a vacation home? What you should know first:

We are lucky to live in a place with a wealth of cottages and vacation homes. Many Nova Scotians are able to make the dream of having a cottage come true. This blog reviews some of the things to look out for to avoid your dream becoming a nightmare.

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Buying or Selling? Why you really DO need an agent.

Buying or Selling? Why you really DO need an agent.

Thinking of buying or selling your home? This is one of the largest transactions you will complete in your lifetime, it’s important to get it "right".  A real estate agent can help you do this. These are some of the reasons why:

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Need a new mortgage?: The new qualifying rules coming in January

Need a new mortgage?: The new qualifying rules coming in January

There are a several new rules coming into effect on January 1st 2018 that will affect Canadians' ability to get a mortgage, and for what amount. These rules are not limited to people looking to purchase a home with a mortgage, but also apply to those looking to refinance a home. 

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To buy or not to buy? that is the question

To buy or not to buy? that is the question

Deciding where to live can seem overwhelming. There are a lot of factors that contribute to that choice. What you may not know is that it is not simply a choice between renting OR buying, there is also a third option: buying a home on leased land. This blog focuses on some pros and cons of each to help you decide.

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What is a "migration" and why do you care?

What is a "migration" and why do you care?

Many people may have heard the term "migration" with respect to property but have no idea what that means. That’s fair, a lot of people don’t. This blog will give a Coles notes overview of what it is and why it matters to you as a home owner or potential purchaser.

 

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